What does an Underwriter do?
By taking responsibility for the investigative, analytical, and mathematical aspects of evaluating insurance risks, an Underwriter helps insurance companies provide coverage for their customers and enter into contracts that carry an acceptable risk profile. An Underwriter’s daily activities consist of examining information about customers gathered during the application process, including financial and health-related information. An Underwriter decides whether the risk is acceptable for the company using analytical methods that integrate all relevant information.
Underwriter skills and qualifications
Successful Underwriters need a combination of analytical, mathematical, and communication skills to appropriately evaluate risk and communicate with relevant parties in insurance contracts. Some main skills and qualifications include:
- Proficiency in using common office software, such as Microsoft Word and Excel
- Understanding of statistics and data analysis
- Experience with risk analysis and statistical software
- Analytical mindset with strong attention to detail
- Ability to work under pressure and adhere to tight deadlines
Underwriter experience requirements
Some Underwriter positions may require degrees in mathematical or business-related disciplines, but other degrees may also be acceptable. A high level of computer literacy is crucial for Underwriters at all levels. Senior underwriters need several years of experience in the insurance industry with experience in specific domains of insurance, such as auto or home insurance.
Underwriter education and training requirements
A Bachelor’s degree is the minimum necessary educational requirement for an entry-level Underwriter job. You may require candidates to have a Certified Insurance Practitioner (CIP) qualification for more senior roles.
Underwriter salary expectations
According to Indeed Salaries, the average salary for an Underwriter in Canada is $54,665. Actual earnings depend on several factors, including location, level of experience, and employer.
Job description samples for similar positions
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